Launching a new startup takes innovation, courage, and preparation. It’s hard to stress enough how crucial the pre-planning phase is for new businesses. Even the best idea may fail with the wrong resource allocation. Cybersecurity is frequently overlooked when starting a new business, which can be devastating.
According to data from the US National Cybersecurity Alliance, 60% of small businesses do not recover from a successful cyber attack. Moreover, the financial damages reach well into hundreds of thousands. Imagine what a hundred thousand dollars in damages could do to a startup.
Below we’ve listed four essential cybersecurity practices that any new startup owner can take.
1. Password management and multi-factor authentication
A growing startup should store all confidential business data behind a password. Yet password management is frequently overlooked. For example, even one of the most significant cyber attacks of 2021 was due to bad password management.
It’s of the utmost importance to never use the same password twice. We recommend using a business password manager to create multiple complex passwords and store them in an encrypted vault.
Cybersecurity experts also consider multi-factor authentication a must-have. Whenever you need to use your password, a confirmation will be sent to your phone or email. Since only you have access to both your password and your phone/email, unauthorized parties will be prevented access.
2. Storage encryption
Data leaks are costly and can damage any startup’s reputation. Because your business handles private customer information, you should ensure its safety. People who learn that their confidential data was leaked online usually choose other companies to work with. Facebook is a great example. After so many data leaks, its reputation is at its lowest with a declining user base.
Consider investing in additional encryption software. Virtual Private Networks (or VPNs) will encrypt data-in-transit. Any cybercriminal attempting to monitor your online activities won’t be able to decipher it. Look for file encryption software if you’re doing a lot of business on the cloud. Upload the data to the cloud in an encrypted form to secure it.
3. Antivirus and firewalls
A firewall protects your computer on the network level. It inspects the data coming from the outside and filters it out. If there are malicious elements, the firewall will block their access.
However, not even the best firewall can ensure 100% protection. Antivirus works against internal attacks, such as spyware, trojan horses, viruses, etc. It will continuously scan your system for infections and isolate them to prevent harm.
4. Check the national data regulation laws
The internet is still relatively young. It’s so comfortable that we all use it, but it’s still evolving. Right now, internet laws are on the job lists of many politicians. The European Union adopted the General Data Protection Regulation (GDPR) in 2016. It regulates what security procedures businesses must follow to ensure user data safety.
California has the California Consumer Privacy Act (CCPA) that serves a similar purpose. Other countries have their own alternatives. Knowing local data regulation laws is mandatory for any new startup because this will prevent possible legal issues.
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